The continuous Linked Settlements (CLS) Bank is a falt accompi, and payments system that traditionally handled foreign exchange messaging and settlement and adjusting to the reality that fees arising form the $600 trillion per year in gross foreign exchange transactions, formerly split among the Clearinghouse Interbank Payment System (CHIPS), Federal Reserve's Fedwire, and Society for Worldwide Interbank Financial Telecommunication (SWIFT), will instead go to CLS.

As a result, CHIPS and Fedwire are now competitors as well as regulatee and regulator. SWIFT hopes to become CLS's messaging service.

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